Boston Family Office LLC Has $2.54 Million Stock Position in Verizon Communications Inc. (NYSE:VZ)

Key Points

• Boston Family Office LLC reduced its stake in Verizon Communications by 19.1%, owning 55,901 shares worth approximately $2.54 million as of its last SEC filing.
• Verizon reported a quarterly revenue of $34.50 billion and an EPS of $1.22, exceeding analyst expectations and marking a 5.2% increase year-over-year.
• The company recently declared a quarterly dividend of $0.6775 per share, resulting in an annualized dividend yield of 6.1% with a payout ratio of 63.17%.

Boston Family Office LLC trimmed its holdings in shares of Verizon Communications Inc. (NYSE:VZ - Free Report) by 19.1% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 55,901 shares of the cell phone carrier's stock after selling 13,156 shares during the period. Boston Family Office LLC's holdings in Verizon Communications were worth $2,536,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently bought and sold shares of the company. Sargent Investment Group LLC increased its position in Verizon Communications by 3.3% in the 1st quarter. Sargent Investment Group LLC now owns 7,125 shares of the cell phone carrier's stock worth $323,000 after purchasing an additional 230 shares during the last quarter. Crescent Sterling Ltd. increased its holdings in shares of Verizon Communications by 0.8% during the 1st quarter. Crescent Sterling Ltd. now owns 30,906 shares of the cell phone carrier's stock valued at $1,402,000 after acquiring an additional 235 shares during the last quarter. Providence Capital Advisors LLC increased its holdings in shares of Verizon Communications by 0.3% during the 1st quarter. Providence Capital Advisors LLC now owns 80,178 shares of the cell phone carrier's stock valued at $3,637,000 after acquiring an additional 240 shares during the last quarter. Bernard Wealth Management Corp. increased its holdings in shares of Verizon Communications by 81.0% during the 1st quarter. Bernard Wealth Management Corp. now owns 543 shares of the cell phone carrier's stock valued at $25,000 after acquiring an additional 243 shares during the last quarter. Finally, Cherry Tree Wealth Management LLC increased its holdings in shares of Verizon Communications by 71.8% during the 1st quarter. Cherry Tree Wealth Management LLC now owns 584 shares of the cell phone carrier's stock valued at $26,000 after acquiring an additional 244 shares during the last quarter. 62.06% of the stock is owned by institutional investors and hedge funds.

Verizon Communications Price Performance

Shares of NYSE:VZ opened at $44.24 on Friday. The business has a 50 day moving average price of $42.68 and a 200 day moving average price of $42.93. The company has a quick ratio of 0.60, a current ratio of 0.64 and a debt-to-equity ratio of 1.19. Verizon Communications Inc. has a twelve month low of $37.58 and a twelve month high of $47.35. The company has a market cap of $186.53 billion, a price-to-earnings ratio of 10.31, a PEG ratio of 3.35 and a beta of 0.36.

Verizon Communications (NYSE:VZ - Get Free Report) last announced its quarterly earnings data on Monday, July 21st. The cell phone carrier reported $1.22 EPS for the quarter, topping analysts' consensus estimates of $1.19 by $0.03. Verizon Communications had a return on equity of 19.61% and a net margin of 13.28%. The company had revenue of $34.50 billion during the quarter, compared to the consensus estimate of $33.47 billion. During the same quarter last year, the company earned $1.15 EPS. The company's quarterly revenue was up 5.2% on a year-over-year basis. Research analysts predict that Verizon Communications Inc. will post 4.69 earnings per share for the current year.

Verizon Communications Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 1st. Shareholders of record on Thursday, July 10th were given a $0.6775 dividend. The ex-dividend date was Thursday, July 10th. This represents a $2.71 dividend on an annualized basis and a dividend yield of 6.1%. Verizon Communications's dividend payout ratio (DPR) is currently 63.17%.

Analyst Upgrades and Downgrades

VZ has been the topic of a number of analyst reports. Wells Fargo & Company increased their price objective on Verizon Communications from $42.00 to $43.00 and gave the company an "equal weight" rating in a report on Thursday, July 10th. Scotiabank increased their price objective on Verizon Communications from $48.50 to $49.00 and gave the company a "sector perform" rating in a report on Wednesday, April 23rd. JPMorgan Chase & Co. increased their price objective on Verizon Communications from $47.00 to $49.00 and gave the company a "neutral" rating in a report on Tuesday, July 22nd. Bank of America increased their price objective on Verizon Communications from $45.00 to $49.00 and gave the company a "neutral" rating in a report on Tuesday, July 22nd. Finally, Tigress Financial increased their price objective on Verizon Communications from $55.00 to $56.00 and gave the company a "buy" rating in a report on Monday, April 28th. Eleven research analysts have rated the stock with a hold rating, seven have given a buy rating and three have given a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $47.35.

About Verizon Communications

Verizon Communications Inc, through its subsidiaries, engages in the provision of communications, technology, information, and entertainment products and services to consumers, businesses, and governmental entities worldwide. It operates in two segments, Verizon Consumer Group (Consumer) and Verizon Business Group (Business).

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